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Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area

Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2019

Negative monetary policy rates are associated with a particular friction because the remuneration of retail deposits tends to be floored at zero. We investigate whether this friction affects banks’ reactions when the policy rate is lowered to negative levels, compared to a standard rate cut in...

Persistent link: https://www.econbiz.de/10012009191

The Euro area periphery sovereigns' fiscal positions and unconventional monetary policy

Hülsewig, Oliver; Scharler, Johann - 2020

We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...

Persistent link: https://www.econbiz.de/10012154910

International transmission of conventional and unconventional monetary policy and financial stress shocks from the euro area to Russia

Dajčman, Silvo; Kavkler, Alenka; Merzlyakov, Sergey; … - In: Journal of central banking theory and practice 11 (2022) 1, pp. 227-247

This paper studies the international transmission of the euro area's monetary policy and financial stress to Russia. The results show that financial stress in the euro area damages Russian economic activity and stock prices, but not its trade balance. The contractionary euro area monetary policy...

Persistent link: https://www.econbiz.de/10012806005

What option prices tell us about the ECB's unconventional monetary policies

Olijslagers, Stan; Petersen, Annelie; Vette, Nander de; … - 2018

We use a series of different approaches to extract information about crash risk from option prices for the Euro-Dollar exchange rate, with each step sharpening the focus on extracting more specific measures of crash risk around dates of ECB measures of Unconventional Monetary Policy. Several...

Persistent link: https://www.econbiz.de/10011940034

The boundaries of central bank independence : lessons from unconventional times

Orphanides, Athanasios - 2018

too-low inflation. The experience of the Bank of Japan's encounter with the zero lower bound suggests important benefits … from a clear definition of price stability as a symmetric 2% goal for inflation, which the Bank adopted in 2013. … Geldpolitik auch beim Einsatz unkonventioneller Maßnahmen erfolgreich ist? Athanasios Orphanides analysiert die Maßnahmen der Bank …

Persistent link: https://www.econbiz.de/10011901698

Quantitative easing in the euro area : an event study approach

Urbschat, Florian; Watzka, Sebastian - 2017

We examine the effects of the Asset Purchase Programme (APP) gradually introduced by the European Central Bank from September 2014 onwards. Studying the short-term reaction of financial markets after APP press releases, we analyse the development of bond yields and spreads around these releases....

Persistent link: https://www.econbiz.de/10011743065

Quantitative easing in the Euro Area

Urbschat, Florian; Watzka, Sebastian - 2017

Persistent link: https://www.econbiz.de/10011641961

The ECB's instruments for crises and normal times : considerations for the policy strategy review

Orphanides, Athanasios - 2020 - Last revised: November 2020

overly tight policies that allowed inflation to drift considerably below 2% over the past several years. Second, the …

Persistent link: https://www.econbiz.de/10012502029

International spillovers of monetary policy : US Federal Reserve's quantitative easing and Bank of Japan's quantitative and qualitative qasing

Kawai, Masahiro - 2015

introduction of QE, the expectation of its tapering, and the anticipation of an eventual hike in the interest rate. It also …

Persistent link: https://www.econbiz.de/10010465407

History of Bank of Japan's more than two decades of unconventional monetary easing with special emphasis on the frameworks pursued in the last 10 years

Kowalewski, Pawel; Shirai, Sayuri - 2023

Low inflation hit the Japanese economy shortly after the burst of the bubble in stocks and real estate in 1991 and has … trade dispute. In the early 1990s, Japan faced sluggish economic growth and low inflation, as well as severe structural … difficult to judge the effectiveness and efficiency of the BOJ's policy tools, as achievement of inflation beyond the 2% price …

Persistent link: https://www.econbiz.de/10014290883